Rising Geopolitical Tensions
The Middle East’s new geopolitical tensions spiked up last week after the US and UK attacked Houthi’s positions in Yemen. The US didn’t have any direct attack on the region until now. These actions are complicating the situation more than before and they can push the crude oil price higher in the near term.
Accordingly, oil had a volatile situation leaving a long shadow at the end of the week. Bitumen also followed and experienced a couple of ups and downs in different regions. In Iran, rates average were almost unchanged despite the vacuum bottom increase. African prices increased due to the rising freights of the region. Experts believe that the freight growth might continue. Europe also had some price growth because of the extreme cold.
In the Middle East, the new steel drum bitumen was in the range of $ 360 – $ 365 and the bulk bitumen was in the range of $ 280 – $ 285. The bulk of Singapore is volatile in the range of $ 440 – $ 445 and South Korea is currently $ 375 – $ 380. Bahrain bulk recorded 400 USD at the end of the year.
